{"id":13248,"date":"2020-11-24T09:05:33","date_gmt":"2020-11-24T09:05:33","guid":{"rendered":"http:\/\/onlineclassesguru.com\/index.php\/2020\/11\/24\/strategic-management\/"},"modified":"2020-11-24T09:05:33","modified_gmt":"2020-11-24T09:05:33","slug":"strategic-management","status":"publish","type":"post","link":"https:\/\/onlineclassesguru.com\/index.php\/2020\/11\/24\/strategic-management\/","title":{"rendered":"Strategic management"},"content":{"rendered":"<style type=\"text\/css\"><\/style><p>&nbsp;<\/p>\n<p><strong>Assignment 2: Marketing Plan<\/strong><\/p>\n<p>This assignment consists of two sections: a marketing plan and sales strategy and a marketing budget.\u00a0<strong>Note:<\/strong>You must submit both sections as separate files for the completion of this assignment.<\/p>\n<p>For the first 6 months your company is in business\u2014to give you time to perfect your product and to learn from actual customers\u2014you will start marketing and selling in your own community, a radius of 25 miles from where you live.<\/p>\n<p>For most non-alcoholic beverages, marketing (as opposed to the actual product itself) is key to success. Cola drinks, for example, are fairly undifferentiated, as are many energy drinks, juices, bottled water, and the like. Companies producing these types of beverages differentiate themselves and attract market share through marketing and brand awareness\u2014both of which are critical to success.<\/p>\n<p><strong>Section 1: Marketing Plan and Sales Strategy (MS Word or equivalent)<\/strong><\/p>\n<p>Write the3\u20135-page marketing plan and sales strategy section of your business plan, in which you do the following:<\/p>\n<ol>\n<li>Define your company\u2019s target \u00a0\u00a0\u00a0\u00a0\u00a0market.\n<ol>\n<li>Analyze the types of consumers \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0who will be drinking your beverage in demographic terms (i.e., age, \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0education level, income, gender, ethnic group, etc.). Outline the \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0demographic information for your company specified on the worksheet in \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0the course text (p. 107 |\u00a0<em>Demographic Description<\/em>).<\/li>\n<li>Support your analysis with \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0actual data on the size of the demographic groups in your local community \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(nearby zipcodes).\n<ul>\n<li><em>Hints:<\/em>\u00a0At American FactFinder (<a href=\"http:\/\/factfinder.census.gov\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">http:\/\/factfinder.census.gov<\/a>), \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0you will find demographic information on potential consumers in your \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0area. If you are selling through other businesses (such as grocery \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0stores), indicate the number of those businesses in your local area. You \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0will find information about such businesses in your local area at County \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Business Patterns (<a href=\"http:\/\/www.census.gov\/econ\/cbp\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">http:\/\/www.census.gov\/econ\/cbp\/<\/a>). Check \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Chapter 2 of\u00a0<em>Successful Business Plan<\/em>\u00a0for more research \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0sources.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/li>\n<li>Assess your company\u2019s market \u00a0\u00a0\u00a0\u00a0\u00a0competition.\n<ol>\n<li>Use the factors listed in the \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0course text graphic (p. 123 |\u00a0<em>Assess the Competition<\/em>) to \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0assess your company\u2019s market competition.<\/li>\n<li>Defend your plan to \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0differentiate yourself from the competition using the information \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0detailed on the worksheet in the text (p. 131 |\u00a0<em>Market Share \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Distribution<\/em>).\n<ul>\n<li><em>Hints:<\/em>\u00a0Every business faces competition, and the \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0non-alcoholic beverage market is an especially crowded market.<\/li>\n<li><em>Hints:<\/em>\u00a0For example, in the soft drink market, it is \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0intimidating to try to compete against Coke and Pepsi. Newcomers in \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0mature markets typically must pursue niche markets or even create new \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0market categories, as Red Bull did with energy drinks.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/li>\n<li>Clarify your company\u2019s message \u00a0\u00a0\u00a0\u00a0\u00a0using the information provided on the worksheet in the text (p. 160 \u00a0\u00a0\u00a0\u00a0\u00a0|\u00a0<em>The Five F\u2019s<\/em>). Create a marketing slogan\/tagline for \u00a0\u00a0\u00a0\u00a0\u00a0your product.\n<ul>\n<li><em>Hints:\u00a0<\/em>Before you choose your marketing vehicles, you must \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0determine the message you want to convey through those vehicles.<\/li>\n<\/ul>\n<\/li>\n<li>Identify the marketing vehicles \u00a0\u00a0\u00a0\u00a0\u00a0you plan to use to build your company\u2019s brand. Justify the key reasons why \u00a0\u00a0\u00a0\u00a0\u00a0they will be effective.\n<ul>\n<li><em>Hints:<\/em>\u00a0If you plan to use online marketing tactics, \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0refer to the worksheet in the text (p.171 |\u00a0<em>Online \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Marketing Tactics<\/em>) to aid your response. Remember that even \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0if you\u2019re selling through grocery stores, you need to build your \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0brand and social media is a major part of that in regard to \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0beverages.Some of the marketing tactics that beverage companies \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0use include sampling in grocery stores, building a following on \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0social media, sponsoring events, and exhibiting at trade shows \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0attended by retailers. You will use a combination of these tactics. For \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0example, if you decide to give out samples in grocery stores, promote \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0your sampling on your social media networks and those of the grocery \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0store.<\/li>\n<li><em>Hints:<\/em>\u00a0If you are planning to distribute through \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0resellers, describe how you plan to reach them, for example, through \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0industry trade shows or by establishing your own sales force. For \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0information on trade shows, visit the Trade Show News Network (<a href=\"http:\/\/www.tsnn.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">http:\/\/www.tsnn.com<\/a>).You \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0can exhibit or network at these shows.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p>Format your assignment according to these formatting requirements:<\/p>\n<ul>\n<li>Cite the resources you have \u00a0\u00a0\u00a0\u00a0\u00a0used to complete the exercise.\u00a0<strong>Note:<\/strong>\u00a0There is no minimum \u00a0\u00a0\u00a0\u00a0\u00a0requirement for the number of resources used in the exercise.<\/li>\n<li>Be typed, double-spaced, \u00a0\u00a0\u00a0\u00a0\u00a0using Times New Roman font (size 12), with 1-inch margins on all \u00a0\u00a0\u00a0\u00a0\u00a0sides; references must follow APA format. Check with your \u00a0\u00a0\u00a0\u00a0\u00a0professor for any additional instructions.<\/li>\n<li>Include a cover page containing \u00a0\u00a0\u00a0\u00a0\u00a0the title of the assignment, the student\u2019s name, the professor\u2019s name, the \u00a0\u00a0\u00a0\u00a0\u00a0course title, and the date. The cover page and the reference page are not \u00a0\u00a0\u00a0\u00a0\u00a0included in the required page length.<\/li>\n<\/ul>\n<p><strong>Section 2: Marketing Budget (MS Excel worksheets template)<\/strong><\/p>\n<p>Section 2 uses the \u201cBusiness Plan Financials\u201d MS Excel template (see: Required Course Files in Week 1). Use the Business Plan Financials Guide (see: Required Course Files in Week 1) to support your development of the marketing budget.<\/p>\n<ol>\n<li>Complete the \u201cMarketing \u00a0\u00a0\u00a0\u00a0\u00a0Budget\u201d worksheet for your company.<\/li>\n<\/ol>\n<ul>\n<li><em>Hints:<\/em>The goal of the marketing budget is to help you \u00a0\u00a0\u00a0\u00a0\u00a0determine how much it will cost you to reach your market and achieve your \u00a0\u00a0\u00a0\u00a0\u00a0sales goals.<\/li>\n<li><em>Hints<\/em>: When filling out the \u201cMarketing Budget\u201d \u00a0\u00a0\u00a0\u00a0\u00a0worksheet in the Excel spreadsheet, do the following:\n<ul>\n<li>Begin in the current year and \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0complete a marketing budget for the first year of your business. The \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0information you enter in the marketing budget spreadsheet will flow \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0through to your \u201cIncome Statement\u201d in the \u201cBusiness Plan \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Financials.\u201d<\/li>\n<li>Leave the number at zero \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0) for any marketing vehicles you do not intend to use.<\/li>\n<li>Remember that all marketing \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0activities involve costs. If social media represents a significant \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0portion of your marketing, assume you will incur costs of \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0advertising and these should be reflected on your budget. Even \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0if a social media site charges nothing to use it, you will need to use \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0company resources to manage the site, pay someone to execute your social \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0media marketing campaigns, and most likely pay for ads on that site.<\/li>\n<li>Do not leave the \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u201cMarketing Budget\u201d blank assuming you will not have any marketing \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0costs.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>The specific course learning outcomes associated with this assignment are as follows:<\/p>\n<ul>\n<li>Recommend effective business \u00a0\u00a0\u00a0\u00a0\u00a0strategies based on an analysis of domestic and global operating \u00a0\u00a0\u00a0\u00a0\u00a0environments, market dynamics, and internal capabilities.<\/li>\n<li>Produce a comprehensive \u00a0\u00a0\u00a0\u00a0\u00a0business plan.<\/li>\n<\/ul>\n<p><center><a href=\"http:\/\/onlineclassesguru.com\/orders\/ordernow\"><img decoding=\"async\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcTyj99p60XCLyLk1htB7-1neRt8-2QdnenNlQ&usqp=CAU\"target=\"_http:\/\/onlineclassesguru.com\/orders\/ordernow\"\/><\/center><p>","protected":false},"excerpt":{"rendered":"<p>&nbsp; Assignment 2: Marketing Plan This assignment consists of two sections: a marketing plan and sales strategy and a marketing budget.\u00a0Note:You must submit both sections as separate files for the completion of this assignment. For the first 6 months your company is in business\u2014to give you time to perfect your product and to learn from&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-13248","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Strategic management - onlineclassesguru<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/onlineclassesguru.com\/index.php\/2020\/11\/24\/strategic-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Strategic management - onlineclassesguru\" \/>\n<meta property=\"og:description\" content=\"&nbsp; Assignment 2: Marketing Plan This assignment consists of two sections: a marketing plan and sales strategy and a marketing budget.\u00a0Note:You must submit both sections as separate files for the completion of this assignment. 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